Russell Investments Group Ltd. Takes Position in Buckeye Partners, L.P. (BPL)

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Russell Investments Group Ltd. purchased a new position in shares of Buckeye Partners, L.P. (NYSE:BPL) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 38,100 shares of the pipeline company’s stock, valued at approximately $1,361,000.

A number of other hedge funds have also modified their holdings of BPL. Poehling Capital Management LLC purchased a new position in shares of Buckeye Partners in the second quarter valued at approximately $105,000. Sun Life Financial INC lifted its position in shares of Buckeye Partners by 2,566.7% in the second quarter. Sun Life Financial INC now owns 4,000 shares of the pipeline company’s stock valued at $141,000 after acquiring an additional 3,850 shares in the last quarter. Advisors Asset Management Inc. lifted its position in shares of Buckeye Partners by 3,747.9% in the second quarter. Advisors Asset Management Inc. now owns 167,229 shares of the pipeline company’s stock valued at $142,000 after acquiring an additional 162,883 shares in the last quarter. First Hawaiian Bank purchased a new position in shares of Buckeye Partners in the third quarter valued at approximately $143,000. Finally, Lido Advisors LLC purchased a new position in shares of Buckeye Partners in the second quarter valued at approximately $219,000. Institutional investors own 76.22% of the company’s stock.

In related news, SVP Todd J. Russo sold 6,800 shares of the stock in a transaction that occurred on Monday, November 12th. The stock was sold at an average price of $32.25, for a total value of $219,300.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.48% of the stock is currently owned by company insiders.

NYSE:BPL opened at $29.65 on Friday. Buckeye Partners, L.P. has a one year low of $28.03 and a one year high of $57.19. The company has a quick ratio of 0.63, a current ratio of 0.96 and a debt-to-equity ratio of 1.29. The company has a market capitalization of $4.32 billion, a P/E ratio of 10.68 and a beta of 1.23.

Buckeye Partners (NYSE:BPL) last posted its quarterly earnings results on Friday, November 2nd. The pipeline company reported $0.57 EPS for the quarter, missing the consensus estimate of $0.68 by ($0.11). Buckeye Partners had a negative net margin of 10.43% and a positive return on equity of 8.98%. The company had revenue of $909.55 million during the quarter, compared to analyst estimates of $921.74 million. During the same period in the prior year, the business posted $0.81 EPS. Buckeye Partners’s revenue for the quarter was down 1.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Buckeye Partners, L.P. will post 0.69 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 20th. Investors of record on Tuesday, November 13th were issued a $0.75 dividend. The ex-dividend date of this dividend was Friday, November 9th. This represents a $3.00 annualized dividend and a dividend yield of 10.12%. Buckeye Partners’s dividend payout ratio is presently 90.36%.

BPL has been the topic of several research reports. Zacks Investment Research upgraded Buckeye Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, August 28th. JPMorgan Chase & Co. decreased their target price on Buckeye Partners from $42.00 to $39.00 and set a “neutral” rating on the stock in a research report on Friday, August 24th. SunTrust Banks upgraded Buckeye Partners from a “sell” rating to a “hold” rating in a research report on Friday, November 2nd. Credit Suisse Group initiated coverage on Buckeye Partners in a research report on Thursday, October 11th. They issued a “neutral” rating and a $35.00 target price on the stock. Finally, Stifel Nicolaus restated a “buy” rating and issued a $37.00 target price on shares of Buckeye Partners in a research report on Sunday, November 4th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and one has given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $42.08.

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Buckeye Partners Company Profile

Buckeye Partners, L.P. owns and operates liquid petroleum products pipelines in the United States and internationally. The company operates through three segments: Domestic Pipelines & Terminals, Global Marine Terminals, and Merchant Services. The Domestic Pipelines & Terminals segment transports liquid petroleum products, including gasoline, jet fuel, and various distillates; refined petroleum products; and crude oil.

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Institutional Ownership by Quarter for Buckeye Partners (NYSE:BPL)

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